Niva Bupa Well being Insurance coverage introduced its mid-term development goal on Monday and forecasts gross premium of 5,000 billion rupees by 2023-24. Niva Bupa MD and CEO Krishnan Ramachandran mentioned the insurer has seen overwhelming development over the previous 24 months and is aggressively increasing its direct and digital partnership.
One of many main impartial medical health insurance suppliers, Niva Bupa Well being Insurance coverage Firm (previously Max Bupa Well being Insurance coverage Firm), mentioned it grew steadily by 31 % in 2019-20 and 41 % in 2020-21.
The corporate has achieved development of over 70 % YTD (yr so far) within the present monetary yr.
“Niva Bupa intends to have a gross written premium of Rs 5,000 crore by fiscal yr 23-24,” the corporate acknowledged.
The insurer mentioned it had aggressively expanded its presence in Tier II, III and IV cities and opened a brand new workplace each 3.5 days final yr.
Niva Bupa is presently represented in 350 cities, which can develop to over 600 cities by the 2023-24 monetary yr.
With this, Niva Bupa needs to deliver 24 10 million individuals within the nation into the scope of medical health insurance by the top of the monetary yr.
“We’re aggressively increasing our direct and digital partnership, with large regional growth serving to us preserve fast development. We’re totally dedicated to accelerating the adoption of medical health insurance throughout the nation and making high quality well being care extra accessible to individuals, ”mentioned Ramachandran.
“We’re transferring ahead, the purpose is to construct a humane model and simplify medical health insurance to achieve large adoption from a wider viewers,” he added.
The well being insurer emphasised its purpose of democratizing medical health insurance within the nation by positioning it as a trailblazer for a life price residing.
To deliver its new philosophy to life, Niva Bupa launched a branding marketing campaign aimed toward altering the narrative surrounding medical health insurance whereas eliminating the ingredient of worry usually related to it.
As well as, the corporate is increasing its pan-Indian presence by bancassurance partnerships with 15 nationwide banks, the very best on this phase.
Nimish Agarwal, Senior Vice President and Head (Advertising) at Niva Bupa, mentioned: “At Niva Bupa, buyer focus is on the core of our enterprise. Our new identification is a step ahead in altering the historical past of medical health insurance.”
He added that Niva Bupa had seen one of the profitable model transitions within the COVID-19 period and “with our new marketing campaign we need to simplify the class to drive market penetration in all segments”.